Vermella Broad Street at 355 Broad St. in Newark — Rendering by Minno & Wasko Architects and Planners/Courtesy: Russo Development
By Joshua Burd
Russo Development’s new upscale apartment property in Newark is set to open its doors, in a key milestone in the firm’s high-profile entrance to the state’s largest city.
The company on Monday said leasing is underway at 355 Broad St., known as Vermella Broad Street, where it hopes to capitalize on a location that is less than 500 feet from NJ Transit’s Broad Street Station. With 296 units, the twin five-story buildings include a mix of studio, one-bedroom and two-bedroom floorplans with monthly rents starting from the $1,900s, with occupancy slated for this month.
The building, the 14th under the firm’s Vermella brand, also has 40,000 square feet of amenity and social spaces, including a high-end roof deck and resort-style swimming pool. Minno & Wasko Architects and Planners designed the project.
“We’re excited to be a part of the Newark community with a new, quality-built but moderately priced residential option that will cater to the needs and aspirations of existing residents, Newark’s substantial employment base seeking the convenience of living near their workplace, and newcomers alike,” Russo Development CEO Ed Russo said. “We are proud to contribute to the city’s continued growth and appeal as a great place to work and live.”
Vermella Broad Street is the latest addition to Russo’s fast-growing multifamily portfolio in New Jersey, which includes properties in nearby towns such as Harrison, Union, Orange and Kearny. The firm said it’s looking to blend its upscale living concept with Newark’s own energy, diversity and dynamic culture, noting that the property has street-level public gallery space that will regularly exhibit the works of local artists and play host to neighborhood creative events.
Along with high-end apartments, residents will have access to amenities such as a landscaped courtyard, grilling areas and a rooftop deck with panoramic views of Newark and New York City, according to a news release. Indoor offerings include a clubroom with outdoor access, a top-floor resident lounge, a modern fitness center with a dedicated yoga room and co-working spaces.
Russo added that each building has a lobby and secure garage parking with 24-hour gated security and access-controlled entry. Residents, meantime, are steps from Broad Street Station and have quick access to Route 21, Interstate 280, the New Jersey Turnpike and the Garden State Parkway.
“At Vermella Broad Street, we embraced the opportunity to create a hotel-style amenity package that truly sets us apart in this market,” said Adam Pasternack, president of Russo Property Management. “The community’s recreational and social spaces are thoughtfully spread throughout the property, offering residents plenty of room for a variety of leisure-time enjoyment, whether it’s unwinding in a tranquil courtyard, enjoying a swim, staying active in our fitness facilities, or simply taking in the city views. Our focus is on providing an unmatched living experience that serves the diverse interests and lifestyles of our residents. Our Vermella brand has truly become not just New Jersey’s premier apartment community, but a lifestyle.”
Vermella Broad Street is minutes from New Jersey Institute of Technology, Rutgers University and the city’s other academic and health care institutions. Also nearby are the Newark Museum of Art and the New Jersey Performing Arts Center, while the acclaimed Ironbound district is a short ride away.
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Author: Joshua Burd